• “Fee-only” increasingly referred to as “fee-only-all-of-the-time” means that our sole compensation comes from what clients pay us, not from sales commissions, sales loads, or any other third-party source. Because we are fee-only, we do not have the potential conflict of interest that commission-based compensation can create, making us distinct from advisors describing themselves as “fee-based”, (i.e. fees-plus-commissions) or “fees and commissions” (which often means “fees for the plan and commissions for the implementation”).
   
• We are also distinctive in that we decline relationships that could impact our objectivity, for example, we neither pay nor receive referral fees.

• If the answer is the NASD, you are talking with a broker, i.e. a sales person obligated by law to make financial transactions in accordance with fair sales practices, and someone who is not required to disclose sources of compensation or potential conflicts of interest, and for whom providing financial advice is specifically characterized as being incidental to his or her business.
   
• If the answer is the SEC or state commissioner of investments, you are talking with a registered financial advisor, obligated by law to act as a fiduciary, that is, someone who is obligated to put the interests of the client first, who must disclose both sources of compensation and potential conflicts of interest, and who -- unlike a broker -- may not use testimonials in advertisements. Hogan Financial Management is a registered investment advisor with the SEC.